In Slovakia there are more and more companies belonging to the so-called new economy
Exports are very important for modern economies and, together with innovation, are one of the drivers of economic development. It is therefore important for the government to make economic diplomacy a priority, as systematically developing the participation of Slovak entrepreneurs in global markets will have a positive impact on their competitiveness, which will benefit the entire economy.
From the synergy of the various state actors for export promotion, the Ministry of Foreign and European Affairs, the Ministry of Economy, SARIO, SBA, SIH and non-state institutions such as the Council of Slovak Exporters, in which everyone plays an important role, entrepreneurs will receive comprehensive support from the creation of business opportunities to financing. We at Eximbank will cooperate and continue to play the role of a state export support instrument that is accessible to Slovak exporters at all stages of export. The Common Concept approach to economic diplomacy in Slovakia sees the need to connect entrepreneurs with foreign partners, but also to open doors at the G2G level. Eximbanka wants to be active, including through increased cooperation with other institutional partners in the field of export promotion.
In this context, it is important to recall both our know-how in the field of exports and the resources we have available for development aid. A redesign and the creation of a common platform is also needed in this area. I would therefore like to continue the trend that we started as the new management of Eximbank in January this year. This means that we want the bank to grow, to increase its insurance division and to be a complementary and supportive institution for commercial banks in their export transactions.
There are more and more companies belonging to the so-called new economy in Slovakia. We regularly meet start-ups and innovation-oriented companies that were established two or five years ago, which are still growing and have ambitions to penetrate foreign markets. However, the financial instruments we can offer them are designed for a business environment that has changed over time, and therefore we are not always able to provide them with an adequate solution.
Eximbank could also be a tool to attract investors such as Volvo, most of whose production is for export. We could partly finance their entry into the Slovak market or the construction of their production capacities. We therefore need to support not only exports, but also export-oriented companies. This strategy has recently been introduced in the Czech Republic, and it might be worth considering amending the Eximbank Act to reflect the new needs and the new structure of export business. The Slovak economy is strongly intertwined with the European market environment and we need to respond to this.
My vision is for Eximbanka to support Slovak exporters and open doors to new markets abroad. We want to grow and we would like to be there as Slovakia’s exports grow.
Rastislav PodhorecHe graduated from the Military Aviation College in Košice. He did his MBA at The Open University in the UK. He has been in the financial world for over twenty years. He is currently the CEO of Eximbank SR.Link to original article HERE